PRECIOUS-Gold inches up after 5-day losing streak

                                
 TOKYO, May 24 (Reuters) - Gold edged higher on Monday in a
technical rebound after falling for five straight sessions, but
gains were limited as a recovery in risk appetite undermined the
precious metal's allure as a safe haven.
                                
 FUNDAMENTALS
                                
 * Spot gold <XAU=> was at $1,179.15 an ounce as of 2330 GMT,
up 0.3 percent from $1,175.15 late in New York on Friday when it
fell to a two-week low of $1,166.50. Spot gold hit a record-high
$1,248.95 an ounce on May 14.
                                
 * Last week, gold fell 4.6 percent in its biggest weekly loss
since February 2009. Platinum and palladium ran their biggest
weekly percentage losses since late 2008, hit hard by fund
liquidation on fears the euro zone's debt crisis will crimp
global growth.
                                
 * U.S. gold futures for June delivery <GCM0> were at
$1,180.40 an ounce, up from Friday's settlement of $1,176.10 on
the COMEX division of NYMEX.
                                
 * Platinum <XPT=> was at $1,502.50 an ounce, compared with
$1,504.50. On Friday, it fell as low as $1,452.50, its lowest
since Feb. 5, before paring losses.
                                
 * Palladium <XPD=> was at $434 an ounce against $433.50 on
Friday, when it bounced back after falling as low as $393, also
its lowest since Feb. 5.
                                
 * The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said its holdings totalled 1,220.152
tonnes as of May 21, unchanged from the record high first marked
on May 19. [GOL/SPDR]
                                
 MARKET NEWS
                                
 * The United States and China formally open high-level talks
on Monday intended to steady their vast and sometimes tense
economic relationship, but North Korea threatened to emerge as a
point of diplomatic contention. [ID:nTOE64M02N]
                                
 * Net long noncommercial U.S. gold futures positions fell to
231,670 contracts in the week ended May 18, down 1.8 percent from
235,825 contracts a week earlier, the weekly Commitments of
Traders report published by the Commodity Futures Trading
Commission showed. [ID:nN21209753]
                                
 * Japan's Nikkei share average <.N225> was down 0.4 percent
in early trade on Monday. [.T]
                                
 * U.S. stocks snapped a three-day losing streak on Friday as
investors bought beaten-down shares including banks on bets the
financial regulation bill won't be as onerous as some had feared.
[.N] [ID:nN20244272]
                                
 * The euro rose on Friday, marking its first weekly gain
versus the U.S. dollar in six weeks as investors who had bet on
the currency's fall bought it back on fears of central bank
intervention. [USD/]
                                
 DATA EVENTS
                                
 * The following data is expected on Monday: <ECON>
                                
 - Two-day U.S.-China economy talks start (N/A)
                                
 - Bank of Japan releases monthly economic report (0500 GMT)
                                
 - Chicago Fed National Activity Index for April (1230 GMT)
                                
 - U.S. existing home sales for April (1400 GMT)
                                
 RELATED NEWS
 >Gold ends lower as safe-haven bid erodes                 [GOL/]
 >Copper, grains up on euro rebound; oil, gold fall    [COM/WRAP]
 >Specs trim bets vs euro; dlr net longs slip     [ID:nN21128570]
 >Indian jewellers look to home as mkts struggle  [ID:nLDE64M0B3]
 >Italy's jewellers work hand-to-mouth-WGC        [ID:nLDE64L0AE]
 >TAKE A LOOK-Gold miners meet in Peru             [ID:nN1778769]
 >US unveils new push for more efficient cars     [ID:nN21185128]
                                
 PRICES
                                
 Precious metals prices at 0002 GMT
 Metal         Last      Change  Pct chg   2 Day chg   MA 30  RSI
 Spot gold    $1181.85    $6.70  +0.57%    +2.07%   $1180.90   38
 Spot silver    $17.71    $0.12  +0.68%    -2.59%     $18.33   35
 Spot plat    $1497.50   -$7.00  -0.47%    -0.47%   $1684.88   15
 COMEX gold   $1182.00    $5.90  +0.50%    -0.56%   $1180.65   38
 TOCOM gold      3,434       15  +0.44%    +0.38%      3,528   27
 TOCOM plat      4,381       10  +0.23%    +1.08%      5,015   18
 Currencies
 Euro/dlr       $1.252  -$0.002  -0.15%    -0.38%
 Dlr/yen         90.09    -0.17  -0.19%    +0.10%
 TOCOM prices in yen per gram. Spot prices in $ per ounce.
 (Reporting by Risa Maeda; Editing by Chris Gallagher)